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3 years ago

"record revenue when goods or services are provided to customers" is the definition of which principle in accounting?

1 answer:

6 0

Revenue Recognition is one of the principles of accounting which explain the conditions for recognition of a Revenue. According to this principle, a business should record the revenue when the goods or services are provided to customers. The principal further explains that the revenue should be measurable in terms of money and the collection of revenue should be done or it should be receivable.

Hence we can say that "record revenue when goods or services are provided to customers" is the definition of <u>Revenue Recognition</u> principle in accounting.

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A questionnaire was given to students. the first question asked was "how stressed have you been in the last week on a scale of

algol [13]

The question is: Which scale rating describes the greatest number of student and how many student responded with this rating.
From the frequency distribution table attach to the question, the scale rating with the highest number of student is 7 out of 10 and the number of students that responded with this rating is 27 students.

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3 years ago

Pencils and pens _____ descent notes, but a computer and calculator _____ needed to process data.

Alexxx [7]

The answers are ....." are " & " is " !!!

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3 years ago

On January 1, 2020, Beyonce Co. purchased 25,000 shares (a 10% interest) in Elton John Corp. for $1,400,000. At the time, the bo

Drupady [299]

Answer: $‭4,688,250‬

Explanation:

Carrying value on Jan 1, 2021:

= Interest + share of net income Dec 31,2020

= 1,400,000 + (10% * 700,000)

= $1,470,000

Carrying value, June 2021:

= Carrying value + share of net income

= 1,470,000 + (10% * 500,000)

= $1,520,000

Carrying value, July 2021:

= Carrying value + Net stake purchased

= 1,520,000 + 3,040,000

= $4.560,000

Carrying value, December 2021

= Carrying value + share of net income - share of dividends

= 4,560,000 + (30% * 815,000) - (1.55 * (25,000 + 50,000 shares))

= $‭4,688,250‬

8 0

3 years ago

On January 2, year 5 Ral Co. leased land and a building from an unrelated lessor for a 10-year term. The lease has a renewal opt

nordsb [41]

Answer:

D) $14,000

Explanation:

Description Estimated life Cost Amortization per year

Sales office 10 years $47,000 $4,700

Warehouse 25 years $75,000 $7,500

Parking lot 15 years $18,000 $1,800

total $14,000

Even though the useful life or the warehouse and parking lot is longer than 10 years, since the lease contract is only for 10 years, then it must be depreciated in 10 years.

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3 years ago

A company has the following liabilities at year end: Mortgage note payable; $16,000 due within 12 months $355,000 Short-term deb

Grace [21]

Answer:

The amount that the company should include in the current liability section of the balance sheet is $16,000

Explanation:

The short-term debt that the company is refinancing with long-term debt is non-current and deferred tax liability arising from depreciation is also non-current and should be disclosed as such in the Balance sheet after the sub-heading long-term borrowings.

Therefore, The amount that the company should include in the current liability section of the balance sheet is $16,000

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3 years ago